The Cairo Angels Syndicate Fund (CASF) has announced an undisclosed investment in Finclusion Group, a sub-Saharan African fintech platform.
This investment will mark CASF’s fourth overall investment and third investment on the African continent. Launched in 2020 by the Cairo Angels, Egypt’s first angel investor network, CASF is a micro venture capital fund that is investing $100,000–$250,000 tickets in post-seed and pre-series A startups in the Middle East and Africa.
Finclusion Group is the latest startup to join CASF’s portfolio. Founded in 2019 by Timothy Nuy and Tonderai Mutesva, Finclusion Group is a Mauritius-based fintech accelerating financial inclusion in Africa with its neo-bank offerings. Presently, Finclusion offers buy-now-pay-later (BNPL) services, salary advance schemes, loan services, and transactional banking to individuals and SMEs across 5 countries—South Africa, Eswatini, Namibia, Kenya, and Tanzania.
The startup reportedly has over 240,000 customers across its 5 markets and has disbursed over $310 million in loans since launch. So far, CASF’s investment is the startup’s third raise since launch. In September 2021, it raised $20 million in a partnership with Lendable. Months later, in January 2022, the startup announced another $20 million raise in a hybrid financing pre-Series A round led by Future Africa and LeadInvest.
With its latest investment from CASF, Finclusion will continue building out its product offerings as it plans for expansion into new markets.
Speaking on the investment, Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund, said, “Our mission is to invest and support incredible founders building digital platforms to solve essential problems. That is exactly why we decided to invest in Finclusion Group, who are delivering compelling solutions to underserved consumers who have historically had little or no access to credit.”
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